Title
Joint resolution authorizing an emergency appropriation not to exceed $495,000 in the ¼% Sales Tax for Transportation and Public Safety Fund and the 2011A Tax Exempt GO Bond Debt Service Fund with an inter-fund transfer between the two funds.
Staff Summary
· 2011A General Obligation Bonds: Emergency Appropriations and Inter-fund Transfer.
· The Lake County Board, at its meeting of March 15, 2011, approved the issuance of General Obligation Bonds, Sales Tax Alternate Revenue Source.
· The County is issuing the bonds to pay for road improvements to public roads within the County.
· It is now necessary to budget funds in the ¼% Sales Tax for Transportation and Public Safety Fund and the newly created 2011A Tax Exempt GO Bond Debt Service Fund to provide for payment of the interest on the bonds.
· The ¼% Sales Tax for Transportation and Public Safety Fund is the revenue source for the bond principal and interest payments.
· This resolution appropriates an amount not to exceed $495,000 in the ¼% Sales Tax for Transportation and Public Safety Fund.
· This resolution also appropriates an amount not to exceed $495,000 in the 2011A Tax Exempt GO Bond Debt Service Fund.
· This resolution also authorizes an inter-fund transfer from the ¼% Sales Tax for Transportation and Public Safety Fund to the 2011A Tax Exempt GO Bond Debt Service Fund by an amount not to exceed $495,000.
Body
R E S O L U T I O N
WHEREAS, the Lake County Board, at its meeting of March 15, 2011, approved the issuance of Tax Exempt General Obligation Bonds, Sales Tax Alternate Revenue Source; and
WHEREAS, Lake County will issue $20,000,000 Tax Exempt General Obligation Bonds, Sales Tax Alternate Revenue Source, 2011A Series to pay for road improvements to public roads within the County; and
WHEREAS, Lake County will receive proceeds resulting from the bond issuance; and
WHEREAS, a new Debt Service Fund, 2011A Tax Exempt GO Bond Debt Service Fund, has been established to pay the principal and...
Click here for full text